Teachers Insurance and Annuity Assn. of America (TIAA) benefits from a dominant competitive position in the U.S. higher–education pension market, controlled distribution networks, low-risk product portfolio, and predictable earnings. Its financial risk profile is excellent. We are affirming our ratings on TIAA and its subsidiaries. The outlook is stable reflecting our expectation it will maintain 'AAA' capital adequacy while maintaining relatively low investment risk and leverage. On Aug. 16, 2019, S&P Global Ratings affirmed its insurer financial strength and issuer credit ratings on Teachers Insurance&Annuity Assn. of America (TIAA) and TIAA-CREF Life Insurance Co. The outlook is stable. The outlook is stable, reflecting our expectation that the group will maintain its excellent competitive position while sustaining its excellent
